AGL gets go ahead for MacGen

The Baird government says it has raised more than $700 million for infrastructure projects in NSW through AGL Energy's purchase of Macquarie Generation for more than $1.5 billion.

The energy giant finalised its purchase of two state-owned power stations, in Bayswater and Liddell for $1.505 billion on Wednesday.

In March this year the Australian Competition and Consumer Commission (ACCC) opposed AGL's $1.5 billon offer, saying it would substantially lessen competition in the electricity market.

But in July, the ACCC agreed to let the deal proceed.

NSW Premier Mike Baird wants to sell 49 per cent of the NSW's electricity distribution network - commonly referred to as the "poles and wires" - and plough the $20 billion that is expected to be raised into infrastructure projects.

NSW Treasurer Andrew Constance said that more than $700 million from the sale will be directed into Restart NSW.

The AGL acquisition of Macquarie Generation, means that up to 80 per cent of the state's energy generation will be controlled by AGL, Origin and EnergyAustralia.